Custom Duty
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Non-reflection of amended shipping bill cannot be reason for denial of MEIS benefit: Delhi HC
Govt Rescinds notification No. 26/2011-Customs, dated 1st March, 2011
Customs Adjudicating Authorities Appointed – Notification No. 59/2024-Customs (N.T.)
Customs duty exemption available on flood lights installed in stadium and used for all matches
CBIC Invites Suggestions on Import/Export Prohibitions
Customs Duty and Valuation Rules: Forever New Apparels Case Analysis
CBIC Appoints Authority for Customs Show Cause Adjudication
CBIC Delays Automation Rollout for EOUs to Sept 17 2024
Sanceler EM-2′, a rubber accelerator classifiable under HS Code 3812 1000: CAAR
Anti Dumping Duty not imposable on import of ‘Laser Source’: CAAR
Implicating Customs Brokers as co-noticee in cases involving interpretative disputes-reg
Sea Cargo Manifest and Transshipment (Third Amendment) Regulations, 2024
Phase-Wise Implementation of SCMTR at Indian Ports
Customs Tariff Values Updated for Oils, Metals & Nuts WEF 31st August, 2024
Latest Custom Duty News
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Custom duty is an indirect tax which is applicable on goods which are imported into India and a few goods which are exported out of India. Globally, countries levy custom duties over import and export of goods for raising revenue and also for shielding their domestic companies from competitors from several other countries. Custom duty in India is imposed on almost universally all the goods which are imported into India. Export duties are imposed on few goods as provided under Second Schedule. These duties are not imposed on few items such as lifesaving drugs or equipment, food grains, fertilizers etc. Import duties are divided into basic duty, true countervailing duty, additional customs duty, protective duty, anti-dumping duty and education cess.
Customs duty in India is imposed according to the value of the goods or their weight, dimension and other various criteria as per the goods. Where the duties are based on goods value, then the custom duties are known as ad valorem duties, and where the duty is based on quantity or weight, the duties are known as specific duties.
Customs Act, 1962 empowers the government of India for levying customs duty, prohibiting import and export of goods, framing policies for exporting and importing and penalties, offences etc. All the matters which are related to custom duty comes under the CBEC (Central Board of Excise & Customs). The Central Board of Excise & Customs also formulates policies with respect to custom duty rate, smuggling prevention and administrative decisions that are related to customs formations.
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